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PVR INOX signs a 15-year lease for a 10-screen theatre at Sky City Mall in Mumbai's Borivali
PVR Inox has leased over 43,000 sq ft space from Oberoi Realty for a monthly rental of ₹91.42 lakh or 20% revenue share biannually, whichever is higher
PVR Inox Ltd has taken 43,534 sq ft of retail space in Sky City Mall of Borivali on rent for a period of 15 years from Oberoi Realty, according to property registration documents accessed by CRE Matrix.
PVR has leased the space for a monthly rental of ₹91.42 lakh or 20% revenue share biannually, whichever is higher, documents show.
A security deposit of ₹10.97 crore has been paid for the transaction registered on July 9, 2025. The agreement has a 15% security deposit clause every 36 months.
The transaction has a lock-in period of five years, and the rent escalation is 15% every 36 months.
While the PVR Inox was given access for fit-outs in March 2024, the agreement was registered on July 9, 2025, and the rent commencement date is 30 July 2025, documents show.
An email query sent to PVR Inox and Oberoi Realty did not receive a response. If a response is received, the story will be updated.
However, on August 22, PVR Inox announced the opening of a 10-screen megaplex in Mumbai with a combined capacity of 1,372 seats.
The company had announced that the megaplex spread across 43,500 sq ft, comprises foyers, lounges, and 10 uniquely designed auditoriums with a combined capacity of 1,372 seats.
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"Mumbai continues to be a cornerstone market for us, and with this new launch under our capex model, we reaffirm our commitment to building aspirational cinemas that resonate with modern audiences," PVR INOX Managing Director Ajay Bijli was quoted by PTI as saying.
"This isn't just a new multiplex -- it's a vibrant, design-forward destination where technology, luxury, and youthful energy converge to create truly immersive storytelling spaces," Bijli said.
Apple deal on similar lines
Apple India in May 2025 leased 12,616 sq ft retail space in Mumbai’s Borivali suburb for ₹17.35 lakh monthly rent as it prepares to launch its second store in Maharashtra and fourth in the country, according to documents accessed by real estate data analytics firm Propstack.
The deal was similar in terms of the revenue-sharing clause. Apple will pay an annual rental of about ₹2.08 crore, and the landlord is Incline Realty Pvt Ltd. The agreement includes a revenue-sharing clause: Apple will pay 2% of its revenue from the store for the first 42 months and 2.5% from the 43rd month onwards.
The lease period for the Apple India deal is for a total period of 130 months (nearly 11 years), with a rent escalation of 15% every three years. Apple has also paid a security deposit of ₹1.04 crore as part of the deal. The lease has a lock-in period of 10 years and 10 months, effective from the commencement date, the document showed.
All about Sky City Mall in Mumbai
Oberoi Realty announced the opening of its second mall, Sky City Mall, in Mumbai's Borivali in March 2025.
This is the second mall by Oberoi Realty in Mumbai after Oberoi Mall in Goregaon East, Mumbai.
Also Read: Mumbai real estate: Will the Apple store and Sky City Mall drive property prices in Borivali?
The mall, which has a gross leasable area (GLA) of approximately 12.07 lakh sq. ft., equivalent to the leasable carpet area of approximately 7.24 lakh sq. ft., is part of the 25-acre mixed-use project ‘Sky City’ developed by Incline Realty Private Limited, a wholly-owned subsidiary of the company.
